Bank Comparison
In Germany there are two types of banks: traditional banks with branches (€5-10/month) and online banks (usually €0). Selection criteria: cost, language support, cash access, account opening speed.
Why This Matters for Immigrants
A bank is your entry point into the financial system. For an immigrant without a long history in Germany, selection criteria differ from those of locals:
- Language support — when your card is blocked or there's a disputed transaction, it's critical to communicate in a language you understand
- Opening speed — online banks open accounts in 10-15 minutes, traditional banks take up to 2 weeks
- Document requirements — not all banks accept recent Anmeldung (residence registration) without a lengthy credit history
Traditional Banks
Sparkasse
- Largest network in Germany: 370+ banks, 23,000+ ATMs [1]
- Regional affiliation — Sparkasse München and Sparkasse Berlin are different banks
- Girokonto €5-10/month depending on region [2]
- In-branch service, can deposit cash
Volksbank / Raiffeisenbank
- Cooperative banks (Genossenschaftsbank) — customers become co-owners
- Wide network of branches, especially in smaller cities
- Girokonto €3-8/month [2]
Deutsche Bank, Commerzbank
- Germany's largest commercial banks
- Branches primarily in major cities
- Fees depend on service package — from €6.90 to €15.90/month [3]
Online Banks
DKB
- Girokonto €0 with monthly deposits of €700+, otherwise €4.50/month [4]
- Free cash withdrawal throughout the eurozone via Visa
- Tagesgeld (savings account) with variable rate
- Support only in German
ING
- Girokonto €0 with monthly deposits of €1,000+ (€700+ for those under 28) [5]
- Free withdrawal from €50 at ATMs with Visa logo
- Mobile app with high user ratings
- Support in German
N26
- Fully mobile bank without branches
- Account opening takes 10-15 minutes via app [6]
- Basic plan €0, premium plans €4.90-16.90/month
- Support in English, German, French, Spanish, Italian
Trade Republic
- Broker with banking account (Girokonto) functionality
- Interest on balance — 2.00% per year (as of January 2025) [7]
- German IBAN for transfers and Lastschrift (direct debit)
- Support in German and English
Comparison Table
| Bank | Cost | Branches | Support Language | Cash Withdrawal |
|---|---|---|---|---|
| Sparkasse | €5-10/month | Yes (23,000+ ATMs) | DE | Free in Sparkasse network |
| DKB | €0-4.50* | No | DE | Free in eurozone (Visa) |
| ING | €0* | No | DE | Free from €50 (Visa) |
| N26 | €0 (basic) | No | EN, DE, FR, ES, IT | 3-5 free/month |
| Trade Republic | €0 | No | DE, EN | €1 per withdrawal |
*With monthly deposits of €1,000+ (€700+ for those under 28)
Selection Criteria
| Your Priority | What to Look For | Typical Options |
|---|---|---|
| In-person service at branch | Network of physical locations | Sparkasse, Volksbank |
| Minimum cost | €0 with or without conditions | DKB, ING, N26, Trade Republic |
| English support | Language of interface and support | N26, Trade Republic |
| Working with cash | ATM network, deposit capability | Sparkasse (deposits), DKB (withdrawals) |
| Fast opening | Document verification time | N26, Trade Republic (10-15 min) |
| Interest on balance | Rate on Girokonto or Tagesgeld | Trade Republic (2.00%), DKB Tagesgeld |
Choosing a bank is a reversible decision. You can change banks anytime, though it takes time to update Lastschrift (direct debits). Don't spend weeks analyzing — open an account and start using the financial system.
Sources
[1] Deutscher Sparkassen- und Giroverband. Zahlen und Fakten. DSGV.de, 2024. https://www.dsgv.de/sparkassen-finanzgruppe/zahlen-fakten.html
[2] Stiftung Warentest. Girokonten im Vergleich. Test.de, January 2025. https://www.test.de/thema/girokonto/
[3] Deutsche Bank AG. Kontomodelle und Preise. Deutsche-bank.de, 2025. https://www.deutsche-bank.de/pk/konto-und-karte/konten-im-ueberblick.html
[4] DKB AG. DKB-Cash Konditionen. DKB.de, 2025. https://www.dkb.de/privatkunden/girokonto/
[5] ING-DiBa AG. Girokonto Konditionen. ING.de, 2025. https://www.ing.de/girokonto/
[6] N26 GmbH. N26 Standard Account. N26.com, 2025. https://n26.com/en-de/bank-account
[7] Trade Republic Bank GmbH. Zinsen auf das Verrechnungskonto. TradeRepublic.com, January 2025. https://traderepublic.com/de-de/interest-rate